NILNITA CHEMICALS LTD Vs. STATE OF MP

JUDGEMENT

(1.) THE petitioner-company has filed this petition under Section 391 read with Section 394 of the Companies Act, 1956 (hereinafter referred to as "the Act"), for sanctioning the scheme of amalgamation with another company known as Nirma Ltd. The petitioner-company shall hereinafter be referred to as N. C. L. , i. e. , the transferor-company and Nirma Ltd. , shall be referred to as N. L. , i. e. , the transferee-company. In the said petition, prayer has also been made for fixing date, time and place for calling the meetings of shareholders and creditors of N. C. L. , the transferor-company, and to appoint a chairman for calling such meetings.

(2.) THIS court passed an order on February 3, 1995, appointing Madam Vandana Kasrekar, advocate, as chairperson to convene the meetings as mentioned above.

(3.) ACCORDINGLY, Madam Vandana Kasrekar acting as chairman, convened meetings of shareholders, secured and unsecured creditors of the company on March 11, 1995, at its registered office. As required under the provisions of the Companies Act and the Companies (Court) Rules, the notice convening the said meetings were duly published in Free Press, Indore, on February 16, 1995, Dainik Bhaskar, Indore, dated February 16, 1995, Gujarat Samachar, Ahmedabad, dated February 16, 1995, Indian Express, dated February 15, 1995, and Economic Times, dated February 16, 1995.